What does PDVSA stand for?
Petróleos de Venezuela, S.A.
Petróleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peðeˈβesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas.
When was PDVSA sanctioned?
On 28 January, the United States imposed sanctions on the Venezuelan state-owned oil and natural gas company PDVSA to pressure Maduro to resign during the 2019 Venezuelan presidential crisis.
When was PDVSA nationalized?
1 January 1976
The country officially nationalized its oil industry on 1 January 1976 at the site of Zumaque oilwell 1 (Mene Grande), and along with it came the birth of Petróleos de Venezuela S.A. (PDVSA) which is the Venezuelan state-owned petroleum company.
What oil companies are in Venezuela?
The June 1 action by the Treasury Department extends a previous six-month waiver that was set to expire June 3. It allows Chevron, Halliburton, Schlumberger, Baker Hughes and Weatherford International to continue certain limited work with Venezuela’s state PDVSA outside of US sanctions.
How much oil does Venezuela have?
Venezuela holds 299,953,000,000 barrels of proven oil reserves as of 2016, ranking 1st in the world and accounting for about 18.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption.
Where is Venezuela oil refined?
In 2019, Venezuela had a crude oil refining capacity of approximately 1.9 million barrels per day. Amuay was the largest refinery unit in the South American country, with a capacity of 600 thousand barrels per day. It was followed by Cardón, with a capacity of 340 thousand daily barrels.
Is Pdvsa sanctioned?
As a result of today’s action, all property and interests in property of PdVSA subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
What caused Venezuela to collapse?
Supporters of Chávez and Maduro have said that the problems result from an “economic war” on Venezuela and “falling oil prices, international sanctions, and the country’s business elite”, while critics of the government say the cause is “years of economic mismanagement, and corruption.”
Which country has the largest oil reserves 2020?
Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. Saudi Arabia has the second-largest amount of oil reserves in the world with 266.5 billion barrels. Despite Venezuela’s large supply of natural resources, the country still struggles economically and its people are going hungry.
What caused economic collapse in Venezuela?
Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.
What is Venezuela’s largest corporation?
Petróleos de Venezuela, SA
Petróleos de Venezuela, SA, state-owned Venezuelan company created through the nationalization of the petroleum industry on Jan. 1, 1976. It earns the largest share of Venezuela’s foreign exchange. Its headquarters are in Caracas.
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